When Muhammadu Buhari, President-elect, is sworn in come May 29, he would have his hands full straight away. Aliko Dangote, president of Dangote Industries Limited, DIL, recently listed three major challenges in the Nigerian economy Buhari must confront as soon as his administration kicks off. He said Buhari needs to make unemployment, increased power generation and corruption his top priorities after his swearing-in on May 29, noting also that the business community is set to back his administration.
He explained that with President Goodluck Jonathan conceding defeat, the confidence of investors all over the world has been boosted, adding that the business community would wax stronger if the president-elect tackles some urgent needs of the economy. “Unemployment is a great and pervasive problem in Nigeria. But the point must be made that it is not peculiarly a Nigerian problem. All over the world, there are growing issues of unemployment. And what we are saying is that the in-coming government can achieve a remarkable success in this regard if it declares an emergency on unemployment and tackles it decisively. You know the organised private sector will or should play a key role in this. And that is why we are concerned,” said Dangote.
He further lamented the extent of damage corruption has done to Nigerian economy, describing it as a “big cankerworm that has really eaten deep into the fabric of our nation. The malaise of corruption is a threat to the survival of the Nigeria economy, no doubt. We must all therefore rise in unison to tackle the menace both in the public and private sector of the economy. The Buhari-led government can show a lot of strength on this issue by showing direction, by demonstrating commitment to ridding every sector of the economy of this malaise. I can tell you that a lot will change in Nigeria if this issue is tackled decisively.”
Dangote expects Buhari’s administration to revisit the ongoing privatisation programme in the energy sector with a view to growing the energy capacity of the country. He explained that if there is increased electricity output, there would be industrial growth and even the small and medium scale businesses which are dying because of insufficient energy supply, would begin to experience boom again.